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BP Profits Rise 48% (£3.31bn) - Disgusting
Hypnodisc
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http://news.bbc.co.uk/1/hi/business/7372509.stm
And there's me thinking that petrol sellers 'barely make anything' from the petrol *rolls eyes*
And there's me thinking that petrol sellers 'barely make anything' from the petrol *rolls eyes*
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Any other industry that had a price fixing cartel would be subjected to all sorts of fines and sanctions.
If that is so I've always wondered why they bother selling petrol at all if it offers so little profit.
A company that makes such whopping profit obviously knows something about running a business.....
Mind you, there is certainly no denying that the vast vast majority of the cost of fuel is tax.
http://www.lse.co.uk/ShareChart.asp?sharechart=BP.&share=bp
Are any of the news sites carrying a pie chart to show who gets what from the cost of a litre of fuel? I ask because people generally speculate on how much is tax and the figures vary from 65% to 85% usually. I believe it's nearer 85% but I could be wrong.
I think the companies could knock a wee bit off the price but it wouldn't be all that significant. Really we need the government to stop taking the piss. At whatever % of piss they take like.
66/108 * 100 = 61.11% to the government
33/108 * 100 = 30.55% to the producer
9/108 * 100 = 08.33% to the retailer
Some dodgy rounding there but it's about right.
I'm surprised the government only get 61%.
That "only" is obviously dripping with sarcasm.
Selling petrol in the UK is very competitive with supermarkets operating pumps. Read the article - of the price you pay at the pump while BP takes 33p, the Chancellor is taking twice that - 66p for tax and VAT. Try to think of another product where the Chancellor is taking twice the wholesale price in tax at the point of sale.
If you think the price is too high the Chancellor could drop the tax instantly, but it is the government's policy to tax you out of your car and force you onto public transport.
Just a shame that if you live outside of London, then public transport is woefullt inadequate (and expensive). We're not lucky enough to be able to flash around Oyster cards and switch between numerous bus routes & tube lines. Quite simply, if you want to get anywhere, you NEED a car.
Theres not enough oil = pump prices go up
Barrel prices go up = pump prices go up
Barrel prices go down = pump prices go up
oil companys announce record proffits = pump prices go up
oil companys announces losses = pump prices go up
oil workers strike = pump prices go up
Can someone please explain to me how this works, as i dont get it, is there ever a scenarion where pump prices would come down?
surely this a monopoly?
OPEC is a Cartel - which isn't far off a monopoly.
If barrel prices go down, the prices will go down a bit, eventually - but not if they only go down by a dollar or two. We observed this at the beginning of this year. Prices went up over $100 a barrell (to about 101.9 a litre then they fell down to about 99.9 a litre again)
When the petrol trading bubble bursts/the dollar becomes stronger and/or recession occurrs - prices will go down.
http://www.investorschronicle.co.uk/Companies/ByEvent/Results/Inbrief/article/20080429/8153f292-15f2-11dd-9dd1-0015171400aa/Oil-groups-in-big-profit-shock.jsp
Lets be fair , BP are a company that runs to make a profit, the government is taking the lions share and thats what I think needs to be looked at.
Here's some interesting reading: http://www.petrolprices.com/fuel-tax.html and if you click 'price of petrol' on the same site they've got a wee breakdown graphic
No one seems to have a fit when, say, Intel announce £9bn of profits!
Does it? we need to pay taxes, it's a tax most people can't dodge unlike council tax and road tax which far too many people get away with avoiding.
And how much of that tax we pay is wasted by this government ?
Whats disgusting they pay taxes to the UK government and are one of the companies that keep pensions going.
People always complain about these companies but if they move their HQ's abroad you'd have a lot more to complain about and more tax to pay
Also don't think NuLab will stop this, think of all the tax on that £3.31bn!
Prices do go down, as well as up:
http://www.wtrg.com/prices.htm
Wrong.
What's disgusting is we are led to believe that petrol/diesel retailers are making shockingly low profits (and we're told that price increases in no way help the retailers, - and it's barely worthwhile them selling petrol), when in fact they have had profit growth of 41%